Wednesday, June 07, 2017

Banco Popular

On Wednesday, the announcement was made. The Banco Popular had been sold to the Banco Santander for one euro. El País in English says – ‘Spain’s Banco Santander has bought the struggling Banco Popular for one euro in order to prevent its collapse, according to a statement released on Wednesday morning by the EU’s Single Resolution Board (SRB). The decision was adopted after a week in which Popular shares had plummeted. According to the European Central Bank, Popular was “failing or likely to fail.” The takeover has been endorsed by the European Commission. Shareholders in the stricken bank have lost everything, says Intereconomía here. Around 5,000 jobs are expected to be lost according to El Independiente here.  The Banco Pastor, part of the Banco Popular group, has now disappeared says La Voz de Galicia here.
Minority shareholders consider the takeover as an ‘expropriation’ and have joined together to consider legal action , says Bolsamanía here.  A rather larger shareholder, Antonio del Valle, says he has lost 550 million euros through the fall of the Popular. The story at La Voz de Asturias here.

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